Sen. Thom Tillis on Wednesday recommitted himself to blocking Kevin Warsh’s nomination to the Federal Reserve Board until the Justice Department concludes its investigation into Chairman Jerome Powell.
“We’re prepared to continue this for the rest of this Congress if that’s what it takes to get to the truth or get back to a meaningful process that preserves the independence of the Fed,” Tillis, R.N.C., said in an interview on CNBC’s “Squawk Box.”
“If we support this issue and support him, I would be one of the first to introduce Mr. Warsh, but not until this issue is resolved,” Tillis said.
Last month, the Justice Department launched an investigation into Mr. Powell in connection with allegations of overspending on renovations to the Federal Reserve’s headquarters. The Department of Justice is separately investigating Federal Reserve President Lisa Cook on suspicion of mortgage fraud.
Mr. Tillis, who is retiring when his term expires next January, also said he would maintain his block even if the Justice Department agreed to abandon the investigation in exchange for Powell leaving the Fed after his term ends. Powell could remain on the board as president for two years.
“As far as I’m concerned, the only way we’re going to get out of this in the next 333 days of this Congress is to scale back the policy or pass a ruling,” Tillis said. “I know how I’m going to react to this. I’ll be there for the next two years.”
“They got ahead of the disruptors. They didn’t consult with the adults who were present when they decided to issue the citations,” Tillis said.
